UAE posts over 30% revenue growth in 2022

WAM

H.H. Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum has announced the UAE achieved exceptional consolidated fiscal performance in 2022, with an annual growth rate of 31.8 per cent in revenues.

In a post on X, formerly known as Twitter, the Deputy Ruler of Dubai, Deputy Prime Minister and Minister of Finance, said the country also recorded a 6.1 per cent growth in expenditure, which amounted to approximately AED 427.12 billion. 

He added that 2022 witnessed a 94.5 per cent growth in non-financial asset acquisition, a testament to the UAE’s push towards revenue diversification.

His Highness said they remain steadfast in fulfilling the directives of the leadership by implementing innovative fiscal policies and executing transformative projects that create stronger fiscal buffers to mitigate the impact of global financial fluctuations.

More from Business

  • IDC 2025 discusses global disruptions, defence preparedness

    The International Defence Conference 2025 commenced on Sunday at Emirates Palace in Abu Dhabi, bringing together defence and security leaders, experts, and companies from around the world to discuss key challenges and opportunities in the sector.

  • Dubai Energy Council reviews carbon emissions progress

    Ahmed bin Saeed chaired the Dubai Supreme Council of Energy meeting on Sunday, which reviewed progress in carbon emission reduction technologies in alignment with the UAE’s Net Zero 2050 Strategy and the Dubai Carbon Abatement Strategy 2030.

  • OpenAI board rejects Musk's $97.4 billion offer

    OpenAI has rejected a $97.4 billion (AED 357 billion) bid from a consortium led by billionaire Elon Musk for the ChatGPT maker, saying the startup is not for sale and that any future bid would be disingenuous.

  • AD Ports Group reports net profit of AED 1.78 bln

    AD Ports Group has announced its preliminary unaudited financial results for the fourth quarter and full year ending December 2024, and saw revenue increase 48 per cent year-on-year (YoY) to AED 17.29 billion.